The idea of hedge betting in Maryland can be somewhat confusing to some. Even regular gamblers struggle with the concept. However, we promise you that it is easier to understand than you may think. Here, we want to tell you all about hedge betting. We also want to give you a few ideas on when it may be the right type of bet to make.
Guide to Hedge Betting – MD
While hedge betting in Maryland is not going to be for everybody, hedging your bets can make sense if you are a regular gambler. However, don’t just blindly bet if you are planning on hedging. You must choose your stakes in such a way that will ensure that you have the biggest chance of making a profit, or at least cutting your losses when it comes to certain bets.
The best sites for sports bet Hedging
If you want to hedge your bet successfully, then you must go where the best odds are. This will ensure that you either make a small profit on your hedged bets or at least cut your losses. To save you the time of searching for the sportsbooks with the best odds in Maryland, we have found five of the best sites for you.
BetMGM is a huge site with a wealth of betting markets to choose from. If you love your American sports and love having thousands of bets to choose from, this is a great option. Throw in some awesome bonuses, and you have a hit on your hands.
PointsBet may be a bit of a smaller site than BetMGM, but it still packs a real punch. One of the great things about PointsBet is that they often offer enhanced odds on some events. As a result, this can be a great choice for those that don’t mind hedging their bets with reward cash potential.
DraftKings love their parlay bets. Whenever we look to place a parlay bet or two and then hedge it, DraftKings is one of the first places we look. It is all about the great odds here.
Are you a fan of live sports bet-hedging? Great! FanDuel may be a good choice for you. Almost all of the events that you find listed here will have live betting in play. The odds for live betting are always tremendous too.
Barstool Sportsbook is a great place if you want to hedge bets on non-American sports. Sure, they have a good number of American sports to choose from. However, the selection of international sports and their betting markets is virtually unparalleled.
What is Hedge Betting in Maryland?
We like to think of hedge betting as a sort of insurance. When you hedge a bet, you will be placing a bet that is quite risky. However, in order to ensure that you still win, or at least do not lose too much, you also place a bet on the more likely scenario.
Basically, a hedged bet is all about cutting the risk of your betting. As a result, it allows your bankroll to stretch a little bit further.
How do you get started with Hedge Betting?
You don’t really need to do anything special. You will probably need to have a sizable bankroll to play about with, though.
Your first job is to find a bet that you really like. The long odds are good here. Many gamblers will look for bets that could deliver a decent chunk of change if it comes through. While we wouldn’t go for the craziest bets imaginable, don’t go too short. Short bets are never worth it for hedging.
Once you have found a bet, you like the look of, place your bet. You now need to find the opposite bet, which should have shorter odds. You then want to calculate your stake to ensure that if the bet comes through, you profit, even if your other bet loses. This is why you need a pretty hefty bankroll. Sometimes you are going to have to place huge bets.
The best bet types for Hedge Betting
There are multiple ways that you can hedge your bets. In this section, we want to take a look at the most common types of hedge betting in Maryland.
Standard Bets (e.g. Moneylines, Prop Bets, and Point Spreads)
For most gamblers, standard bets are the main way to hedge bets. This is because there are often going to be just two outcomes. Moneyline bets are probably where most of the action is going to be. However, for the greatest potential returns, then future bets are a good shout.
Betting this way is simple. You start by betting an amount that you are most comfortable with on the outcome with the longest of odds. Then, once you have played that bet, you hedge it. This means finding the opposite option with the shorter odds. You can then bet just enough there to guarantee that you make back the initial bet if it doesn’t come through.
It is all about balancing your stakes here. If you get that right, you can make a serious profit from bet-hedging.
Parlay bets may not be the most obvious choice for hedge betting in Maryland. This is because it is tough to hedge one parlay bet against another. We wouldn’t even attempt it. There is too much that would have to align for one bet to win when the other one loses. Remember, the whole point of hedge betting is to guarantee at least one win.
With parlay bets, you will place your parlay bet as you normally would. You would then pick the line from the bet that has the shortest odds and hedge against that.
The real difficulty with hedging against parlay bets is that you can still never guarantee you will win. So you are lessening your risk, but you aren’t eliminating it completely.
Live betting is one of the most exciting ways to make use of hedge betting in Maryland. The process is rather simple too.
You start off by placing a bet before a match. For example, perhaps you bet on the Baltimore Ravens to win. If, in the middle of the game, it appears that the Baltimore Ravens aren’t going to win, then you can bet on your opposing team. This should cut your losses from the first bet.
Honestly, this is probably the main way that people get into hedge betting. Many people won’t even realize that they are hedge betting. It just seems natural to them to cut their losses.
When you should avoid hedging your bets
Hedge betting should be fine for most situations. However, there are some times where it may not be worth hedge betting in Maryland.
If you have a betting bonus
There is no sense in hedging your bets in Maryland if you have a betting bonus. This is because that betting bonus is just going to translate into bonus cash if it comes through. This means you just end up with cash that you have to wager several times before you can withdraw. This cash can only be used on particular markets too, which means it won’t even be that useful for future bet-hedging.
Low betting amounts
If your average bet is under $100, then there is no sense in hedging your bets. Your potential returns when you hedge your bet are going to be minimal. It just isn’t worth the headache.
In our opinion, you should only be hedging your bets if you are losing a rather hefty sum of cash. But, on the other hand, if a particular bet that you plan to make is really going to be cutting into your bankroll, then hedge it.
The odds are close together
The closer the odds for two bets are to one another, the less sense it would make to hedge your bet. This is because you aren’t really going to be cutting your losses by all that much. So it is almost impossible to profit too.
FAQ’s About Hedge Betting Maryland
Can you hedge your bets over multiple sportsbooks in Maryland?
Yes. In fact, many people do this. While there is nothing inherently wrong with keeping all of your bets in the same place, you may be able to see better returns if you go through multiple sportsbooks to find the best odds.
Is hedge betting always the best choice?
No. Hedge betting doesn’t work all that well when the odds for two bets are fairly close together. It also doesn’t work as well if you are spending most of your time placing smaller bets.
How do you guarantee profit with hedge betting in Maryland?
You have to do a little bit of math. This means balancing the stake of one bet against another. You want the stake hedged against the bet with the shortest odds to be just enough to give you a profit if your other bet doesn’t come through.
Can you hedge parlay bets?
You cannot hedge one parlay against another parlay. It wouldn’t work. What you can do, however, is create a separate bet based upon one line of the parlay. The separate bet should have the shortest odds, i.e.an, an almost virtual guarantee.
Can you hedge live bets?
Yes! If a live sport is offered, we suggest that you do consider hedging your bets. You can place your bet as normal before the event. However, we suggest that you keep a watchful eye on the event while it is progress. If your initial bet doesn’t look like it will pay off, then hedge it!